The Most Useful Features of Business Banking Apps

The Most Useful Features of Business Banking Apps

Many things can be done from your mobile device nowadays: from booking airfare to grocery shopping to requesting personal transportation. Some entrepreneurs even run their entire business from their phone. Almost everything is going mobile — including access to your business banking needs.

Strong financial management is the foundation of any successful business. Luckily, almost all modern business banks have a mobile application that lets you do everything you need right at your fingertips — no need to log in from a web browser or visit a branch.

Once you’ve found the right small business bank for your needs, download their business banking app to your smartphone. Does your bank’s app have features that make your banking processes more efficient? Take a look at our list of the most useful features business banking apps should have today to find out.

1. Simple Yet Secure Login

This is extremely important, and many banking apps have a multi-factor authentication feature of some type. For example, as an additional layer of defense above asking for your password, Yorkshire Bank’s business banking has a fingerprint ID security feature that lets you use your fingerprint to access your account.

If your banking app does not have this feature built-in, most smartphones allow you to set it up on the device. You can also enable real-time text and email alerts notifying you of a login, transfer, deposit, etc. to ensure you’re in charge of all transactions. In case of any suspicious activity you didn’t generate, you would be alerted immediately so you could take action.

2. Easy Account Management

Every banking application includes this feature. You can monitor your cards and accounts, check your balances, view transaction histories and make money transfers. Some banks have a “balances at a glance” feature, allowing you to take a quick peek at your account balance for your checking, savings or credit accounts.

3. Finance Management Tools

Many banking apps allow you to view, aggregate and manage money by establishing goals, spending alerts, categories and visual tools. These tools are helpful for understanding your business’ overall financial health at a high level. Are you spending too much money with a certain supplier? These tools can help you identify that.

4. Chatbot for Customer Support

When running a business, you don’t have time to wait around for help. If there is an issue, you want to have access to answers right away to get your business back up and running. An app that has an AI chatbot is very helpful in those circumstances.

A smart chatbot can easily answer hundreds of questions without you having to wait in line at the bank or on hold on the phone. As an example, Bank of America just launched “Erica,” the bank’s “Financial Digital Assistant” and their first-ever chatbot service. The more you interact with Erica, the smarter she gets.

5. Branch/ATM Locator

Although a basic feature, this is useful nonetheless — especially if you’re doing business in an unfamiliar area. This feature will help you quickly get where you need to be.

6. QR Code Payments

Using a QR code directly from your mobile banking app is an easy and fast way to pay for goods and services that your small business needs. It’s important to note that not all stores, vendors or suppliers have the capability to accept this form of payment. But for the ones that do, it’s quick, easy and secure.

7. Alerts and Notifications

Though alerts can help add another level of security on your account, it’s also useful to get these notifications about the status of your funds. You’ll definitely find it helpful to know if an account is running low, you have a credit card bill due or you received payment from a customer. This can be especially helpful to avoid overdrafting your account and racking up expensive (and unnecessary) fees.

8. Mobile Check Deposit

As a business owner, we know you’re interested in saving time anywhere you can. Mobile check deposit helps you avoid sitting in a line at the bank, which can be especially helpful if your business involves frequent deposits.

Banks like Santander Bank include mobile check deposit within their business banking app. All you have to do is sign the check, open the app and snap a photo of your check to deposit it into your account. Same-day processing occurs for any checks deposited before 10pm ET on any business day.

9. Mobile Bill Pay

Similar to check depositing, being able to pay bills without having to leave your phone is another useful time-saving feature. First National Bank is just one of the many banks that allow you to do this. All you have to do is take a photo of your bill — the app will upload all the billing information so you can set up a one-time or recurring payment. This will help you avoid any late fees and stay on top of crucial payments.

10. Travel Notification

Does your business require you to travel outside the country? Many banking apps now give you an easy way to let them know when you’ll be out-of-town. All it usually takes is a swipe or tap to avoid any embarrassing declined transactions due to an abundance of precaution on your bank’s part.

While we won’t say visiting your local branch is unavoidable, business banking applications allow you to visit your local branch less frequently. A well-designed, efficient business banking app provides a consistent look and feel to match your other banking channels, so your experience isn’t interrupted just because you’re on a mobile device.

Mobile banking apps also include all the basic features you need to keep from jumping on the phone or visiting your nearest teller as frequently. Banking applications are constantly improving, enabling you to continue taking your business anywhere with ease, security and consistency.

Chris Keller is a veteran in business finance. Prior to starting and managing his own business, he managed product lines at two Fortune 500 companies focusing on their Profit & Loss statements.
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The Most Useful Features of Business Banking Apps

Does your bank's app have features that make your banking processes more efficient? Take a look at our list of the most useful features business banking apps should have today to find out.